South Korea's NOFI bought up to 65,000 tons of corn in second private deal on Thursday, traders say

By Reuters News

HAMBURG, Sept 18 (Reuters) - Leading South Korean feedmaker Nonghyup Feed Inc (NOFI) purchased up to 65,000 metric tons of animal feed corn in a second private deal on Thursday without an international tender being issued, European traders said on Friday.

  • The corn was expected to be sourced from either South America or South Africa and was in addition to a first private deal for about 68,000 tons on Thursday.

  • The corn in the second deal was said to have been purchased in a combination of an estimated outright price of $292.79 a ton cost and freight (c&f) with 10,000 tons of the total also bought at a premium of 194.72 U.S. cents a bushel c&f over the Chicago March 2027 corn contract .

  • The seller was believed to be trading house Mitsui. The deal is for 55,000 to 65,000 tons, with the total volume to be declared by October 15.

  • Shipment from South America was between October 18 and November 17 and from South Africa between November 2 and December 2.

  • Reports reflect assessments from traders and further estimates of prices and volumes are possible later.

  • The deal continued brisk purchasing by Korean grain importers on Thursday, with importers having delayed purchases in recent weeks in the hopes of falling international prices. GRA/TEND

  • But with prices remaining firm and public holidays in Korea next week, importers have decided to make purchases, traders said.

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